Sotheby's
Sotheby's is a global auction house and art-market services company specializing in fine art, luxury goods, jewellery, collectibles, and private sales. Sotheby family (1778-1861)
Last updated November 1, 2026
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Overview
Sotheby's is a British-founded, New York-headquartered multinational auction house and art-market services business. It is one of the oldest continuously operating auction brands in the world and is best known for brokering high-value works of fine art, decorative art, jewellery, watches, wine, books, manuscripts, luxury goods, and collectible objects. Although the business began in London as a bookseller's auction operation, its modern identity encompasses live auctions, online auctions, private sales, advisory services, exhibitions, financing, and related specialist businesses. Samuel Baker established the firm in London on 11 March 1744. Its early business centered on the sale of books and libraries, and the firm later expanded into prints, medals, coins, and other collectible material. After Baker's death, ownership and management passed through his nephew John Sotheby and other partners. The Sotheby family name eventually became the lasting commercial identity of the enterprise. The company did not initially focus on fine art, but a major 1913 sale of a painting by Frans Hals helped demonstrate its potential in the broader art market. In the twentieth century, Sotheby's developed into a leading rival to Christie's in London and internationally. A decisive expansion came in 1964, when Sotheby's acquired Parke-Bernet, then the largest fine-art auctioneer in the United States. This gave the company a substantial American platform and supported the development of New York as a principal center of its business. Sotheby's subsequently expanded to Paris and Los Angeles, became the first international auction house to operate in Hong Kong, and later established operations or sales activity in other major art-market centers, including Moscow, the Middle East, and mainland China. The company diversified beyond traditional auctions. It developed private-sale capabilities, gallery and dealer partnerships, art advisory activities, online bidding systems, wine services, and businesses related to education, real estate, and collector automobiles. Acquisitions and investments included Acquavella Modern Art, Andre Emmerich Gallery, Leslie Hindman Auctioneers, Noortman Master Paintings, RM Auctions, and the technology company Thread Genius. Some of these initiatives were later closed, sold, or folded into other activities. Sotheby's has moved between public and private ownership several times. It became a UK public company in 1977, was acquired and privatized in 1983 by a group led by Alfred Taubman, and returned to the New York Stock Exchange in 1988 under the symbol BID. In 2019, Patrick Drahi agreed to acquire the company at a substantial premium, taking it private again. In 2024, the Abu Dhabi Investment Authority reportedly made a minority investment of about $1 billion. The brand's business model combines commissions from buyers and sellers in auctions with private-sale revenue, advisory work, financing, exhibitions, and specialist services. Auctions can take place in physical salerooms, online, or in hybrid formats. Sotheby's maintains significant presences in London and New York and is represented across dozens of countries through offices, representatives, and sales venues. Its market position rests on specialist knowledge, provenance research, global distribution, curated catalogues, high-profile exhibitions, and access to wealthy collectors and institutions. Its most direct competitor is Christie's, while it also faces specialist and online competitors in particular categories. Charles F. Stewart has served as chief executive since 2019, succeeding Tad Smith, who moved into an advisory role.
History
Sotheby's began on 11 March 1744, when London bookseller Samuel Baker conducted an auction of books. The firm became Baker & Leigh after George Leigh joined as a partner in 1767. Following Baker's death in 1778, his nephew John Sotheby inherited Baker's interest, and the business became Leigh and Sotheby. Over the nineteenth century it remained closely associated with the Sotheby family while widening its activity from books to prints, medals, coins, and other collectible material. John Wilkinson, a senior accountant and later partner, led the firm after the last Sotheby family member died in 1861. Fine art became increasingly important in the twentieth century. A 1913 sale of a Frans Hals painting was an early landmark, and the company moved to 34–35 New Bond Street in London in 1917. It developed into one of the leading London auction houses and a principal competitor to Christie's. In 1964, Sotheby's purchased Parke-Bernet, giving it a major foothold in the United States. It moved its American operation to New York and opened offices in Paris and Los Angeles in 1967. Further international expansion included Hong Kong in 1973 and Moscow in 1988. The firm expanded its commercial model during the late twentieth century through private transactions, galleries, dealer partnerships, and acquisitions. It formed Acquavella Modern Art with William Acquavella in 1990, acquired Andre Emmerich Gallery and an interest in Deitch Projects in 1996–97, and purchased Leslie Hindman Auctioneers in 1997. The Noortman Master Paintings acquisition in 2006 strengthened its Dutch Old Master and gallery activities, although the related business was later reduced and closed. Sotheby's also invested in online bidding, wine, advisory services, and other specialist areas. Ownership changed several times. Sotheby's became a UK public company in 1977. A group led by Alfred Taubman acquired and privatized it in 1983, and Taubman later took the company public on the New York Stock Exchange in 1988 under the symbol BID. The company reincorporated in Delaware and adopted the name Sotheby's in 2006. In 2019, Patrick Drahi acquired the company and returned it to private ownership. The twenty-first century has been marked by internationalization, digital transformation, and diversification. Sotheby's developed systems such as BIDnow, LiveBid, and MySotheby's, allowing clients to follow lots, build watchlists, and bid remotely. It acquired a minority interest in RM Auctions in 2015, invested in Art Agency Partners in 2016, and acquired Thread Genius, an artificial-intelligence company, in 2018. During the COVID-19 pandemic, the company increased its reliance on online and remote auctions. In 2023, it agreed to purchase 945 Madison Avenue in New York, a former museum building designed by Marcel Breuer, for use as a future headquarters and gallery complex. In 2024, ADIA acquired a minority stake. Today Sotheby's operates as a global art-market platform with live and digital auctions, private sales, exhibitions, advisory work, financing, and category-specific specialist businesses.
- 2024
ADIA takes a minority stake
[1]Abu Dhabi Investment Authority makes a minority investment in Sotheby's.
- 2023
945 Madison Avenue purchase agreed
[1]Sotheby's agrees to purchase the Marcel Breuer-designed building for a future New York headquarters and exhibition complex.
- 2019
Taken private by Patrick Drahi
[1]Patrick Drahi completes the acquisition of Sotheby's, ending its NYSE listing.
- 2018
Thread Genius acquired
[1]The company acquires the artificial-intelligence firm Thread Genius.
- 2016
Art Agency Partners investment
[1]Sotheby's invests in Art Agency Partners.
- 2015
RM Auctions investment
[1]Sotheby's acquires a 25 percent stake in classic-car auctioneer RM Auctions.
- 2012
Chinese joint venture established
[1]Sotheby's forms Sotheby's (Beijing) Auction Co. Ltd. with Beijing Gehua Cultural Development Group.
- 2006
Noortman Master Paintings acquired and company renamed
[1]The Noortman Master Paintings acquisition strengthened Dutch Old Master and gallery activities, and the company reincorporated in Delaware and adopted the name Sotheby's.
- 1997
Leslie Hindman Auctioneers acquired
[1]Sotheby's purchases Leslie Hindman Auctioneers.
- 1996
Andre Emmerich Gallery and Deitch Projects interest acquired
[1]Sotheby's acquires Andre Emmerich Gallery and an interest in Deitch Projects in 1996–97.
Products and positioning
A heritage-led global marketplace for exceptional art, luxury goods, and collectibles, combining specialist authority with live, online, and private-sale channels.
Auction services
Fine art auctions
Sotheby's organizes curated sales of Old Masters, Impressionist and modern art, contemporary art, and works from specialized movements or regions. The offering includes cataloguing, provenance research, estimates, exhibitions, bidding administration, and post-sale logistics for consignors and buyers.
Luxury auctions
Jewellery and watches
The company sells diamonds, coloured gemstones, signed jewellery, watches, and important private collections through live and online auctions. Specialist expertise, condition reporting, gemological assessment, and international marketing support the category.
Collectibles
Decorative arts
Decorative-arts sales cover furniture, ceramics, silver, sculpture, design, and objects associated with historic interiors and collecting traditions. Sotheby's presents these works through themed auctions, exhibitions, and private transactions.
Collectibles · 1744
Books and manuscripts
Books, manuscripts, maps, photographs, and archival material reflect Sotheby's original bookselling and auction heritage. Sales range from literary and historical documents to major libraries and collections.
Wine auctions
Sotheby's Wine
Sotheby's offers wine auctions and related buying services for collectible and fine wines. The business supports both physical and online bidding and uses specialist evaluation and provenance procedures.
Automotive auctions · 2015
Classic and collectible automobiles
Through its relationship with RM Sotheby's, the group participates in auctions of significant classic, vintage, and collectible automobiles, together with automobilia and related collector services.
Digital marketplace · 2004
Online auctions
Sotheby's digital platform enables clients to browse catalogues, register, place timed bids, and participate in selected live auctions remotely. Online capabilities became especially important as the company shifted toward hybrid and digital selling.
Art-market services
Private sales and advisory
The company brokers confidential transactions outside the public auction calendar and provides valuations, collection strategy, estate advice, and market intelligence for collectors, institutions, estates, and corporate clients.
Controversies
2026
Consignor sues Sotheby’s over $32,820 consignment payment
In 2026, Dr. Philip Weintraub, doing business as Blast from the Past Antiques, filed a lawsuit against Sotheby’s alleging breach of contract, negligence, and gross negligence. Weintraub claims Sotheby’s owes him $32,820 for four objects consigned to its January 23 Americana sale in New York City. The suit alleges Sotheby’s remitted the net sale proceeds without obtaining payment instructions and wired the funds to a bank account Weintraub never designated. Sotheby’s filed a motion to dismiss, calling the complaint an attempt to "double dip," stating the misdirected-wire assertion "is an outright lie," and arguing it has paid Weintraub the same way to the same account since 2021 and that his grievance stems from a separate dispute with Bank of America.
2026
Flavian heirs challenge settlement linked to Sotheby's painting sale
Seven descendants of Salomon Flavian approached a Paris court seeking to overturn an agreement that allowed a painting to be sold, arguing that most of the family was not consulted. Sotheby's disputes the claim that the artwork was looted and has challenged the French court's jurisdiction; the court's ruling was expected on November 5, 2026.
2000
Price-fixing case involving major auction houses
Sotheby's was involved in a price-fixing case concerning commissions charged by major auction houses. Former chairman Alfred Taubman was convicted in the United States, while the matter also led to substantial legal and reputational consequences for the company.
Brand decisions
2023
Purchase a new New York headquarters buildingStrategyBackground
Sotheby's sought a consolidated flagship location for offices, exhibitions, galleries, and auctions.
Action taken
It agreed to acquire 945 Madison Avenue, a former museum building designed by Marcel Breuer.
Aftermath
The site was intended to become the company's future New York headquarters and public-facing exhibition complex.
2019
Accept Patrick Drahi's acquisition offerM&ABackground
Sotheby's faced the strategic pressures of public-market ownership and intense competition in the global auction sector.
Action taken
The board accepted Patrick Drahi's offer, and the company was taken private.
Aftermath
Sotheby's left the NYSE and began operating under private ownership, followed by organizational restructuring and cost-control measures.
2018
Acquire Thread GeniusStrategyBackground
Digital discovery and personalized recommendations were becoming increasingly relevant to online collecting.
Action taken
Sotheby's acquired artificial-intelligence company Thread Genius for an undisclosed amount.
Aftermath
The acquisition supported the company's efforts to apply technology to digital commerce and collection discovery.
2015
Invest in RM AuctionsM&ABackground
Sotheby's pursued growth in specialist luxury and collector markets beyond traditional fine art.
Action taken
It acquired a 25 percent interest in RM Auctions, a classic-automobile auctioneer.
Aftermath
The relationship developed into the RM Sotheby's collector-car business.
2012
Enter mainland China through a joint ventureStrategyBackground
Growing participation by Chinese collectors created demand for a local operating structure.
Action taken
Sotheby's formed a Beijing auction joint venture with Beijing Gehua Cultural Development Group.
Aftermath
The arrangement gave Sotheby's a formal presence in mainland China's auction market.
1964
Acquire Parke-BernetM&ABackground
Sotheby's sought a stronger presence in the expanding United States fine-art market.
Action taken
It acquired Parke-Bernet, then the largest American fine-art auctioneer.
Aftermath
The transaction established a durable New York platform and accelerated Sotheby's international development.
Recent events
- Unconfirmed
Reported
Flavian heirs challenge settlement linked to Sotheby’s painting sale[5]
Seven descendants of Salomon Flavian approached a Paris court seeking to overturn an agreement that allowed the painting to be sold, arguing that most of the family was not consulted. Sotheby’s disputes the claim that the artwork was looted and has challenged the French court’s jurisdiction; the court’s ruling was expected on November 5, 2026.
Consignor sues Sotheby’s over $32,820 consignment payment[4]
On July 13, 2026, Dr. Philip Weintraub, doing business as Blast from the Past Antiques, filed a lawsuit against Sotheby’s alleging breach of contract, negligence, and gross negligence, claiming the auction house owes him $32,820 for four objects consigned to its January 23 Americana sale in New York City. The suit alleges Sotheby’s remitted the net sale proceeds without obtaining payment instructions and wired the funds to a bank account Weintraub never designated. Sotheby’s filed a motion to dismiss on August 3, calling the complaint an attempt to "double dip," stating the misdirected-wire assertion "is an outright lie," and arguing it has paid Weintraub the same way to the same account since 2021 and that his grievance stems from a separate dispute with Bank of America.
Reported
Sotheby’s announces partnership for Saudi digital arts forum[6]
Sotheby’s announced that it would host a three-day digital arts forum at the Diriyah Biennale in Riyadh from February 25–27, in partnership with Saudi Arabia’s Ministry of Culture Visual Arts Commission.
- Unconfirmed
Sotheby’s announces KUBE collaboration with Fabrizio Moretti[7]
Sotheby’s announced a collaboration with artist Fabrizio Moretti on KUBE, an immersive installation and sculpture scheduled to debut the following month at Sotheby’s Los Angeles flagship gallery in Beverly Hills.
Reported
Sotheby’s collaborates with Sostento on NFT charity auction[8]
Sotheby’s announced a collaboration with Sostento to auction the NFT collection Gifted: The 140 Collection via Sotheby’s Metaverse, with all proceeds going to Sostento.
Reported
Sotheby's announces auctions in Germany[9]
Sotheby's announced plans to begin staging auctions in Cologne from September, with the Palais Oppenheim serving as its new German headquarters and hosting exhibitions.
- Unconfirmed
Sotheby’s announces cryptocurrency payment option[10]
Sotheby’s announced a new payment option allowing buyers to pay the hammer price for a physical artwork with Bitcoin or Ether, with the arrangement made possible through a collaboration with Coinbase.
- Unconfirmed
Sotheby's announces December cross-category evening sale[11]
Sotheby's announced a new cross-category evening auction in New York, scheduled for 8 December and to be livestreamed globally.
Reported
Samsung partners on Design in Mind charity auction[12]
Samsung partnered with Complex and Sotheby’s on the Design in Mind auction, featuring commissioned works by young designers and directing proceeds to nonprofit organizations selected by the designers.
Reported
Art Renewal Center announced a virtual exhibition with Sotheby’s[13]
Art Renewal Center announced that it was partnering with Sotheby’s to present its 14th International ARC Salon Exhibition virtually at Sothebys.com from July 13 to July 31, 2020.
Sources22 sources
- 1Sotheby's — Wikipediaen.wikipedia.org
- 2Sotheby's official websitesothebys.com
- 3Sotheby's investor and corporate informationsothebys.com
- 4Consignor sues Sotheby’s over payment mademaineantiquedigest.com
- 5Flavian heirs challenge settlement linked to Sotheby's painting saletimesofindia.indiatimes.com
- 6苏富比宣布合作举办沙特数字艺术论坛arabnews.com
- 7苏富比宣布与Fabrizio Moretti合作推出KUBEartdaily.com
- 8苏富比与Sostento合作举办NFT慈善拍卖cointelegraph.com
- 9苏富比宣布在德国举办拍卖theartnewspaper.com
- 10苏富比宣布接受加密货币付款artdaily.com
- 11苏富比宣布12月跨类别晚间拍卖artdaily.com
- 12三星参与 Design in Mind 慈善拍卖合作complex.com
- 13Art Renewal Center宣布与苏富比合作举办虚拟展览prweb.com
- 14苏富比公布香港当代艺术春季拍卖安排artdaily.com
- 15苏富比推出在线画廊网络collection.sina.com.cn
- 16苏富比宣布出售金妮·威廉姆斯收藏theartnewspaper.com
- 17苏富比宣布推出混合式新拍卖形式artdaily.com
- 18苏富比推出Gallery Network平台theartnewspaper.com
- 19苏富比伦敦与玛格丽塔·米索尼合作策划“Contemporary Curated”artdaily.com
- 20苏富比宣布裁员及强制休假措施collection.sina.com.cn
- 21苏富比任命Charles F. Stewart为首席执行官artlyst.com
- 22Sotheby’s Appoints New CEO After Going Private - JCKjckonline.com
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